Ryan Hoover, founder of popular tech leaderboard and forum Product Hunt, is raising a small venture capital fund called "Weekend Fund."
Details: Hoover's fund already has secured just over $3 million, according to an SEC filing. It already has made at least one investment, a source tells Axios, though it's unclear if there are more. He has met with several startups over the last several weeks. Hoover declined to comment.
Angel-led VC: Hoover's fund is part of a new initiative by AngelList, which acquired Product Hunt last year, called Angel Funds. Similarl to AngelList syndicates, Angel Funds are managed on the back-end by AngelList, but the managing angel investor gets to decide the investments without getting approval for each deal from his or her backers.
- Hoover's fund appears to be larger than other Angel Funds, which tend to be under $1 million.
- Other entrepreneurs leading their respective Angel Funds include Thumbtack co-founder Jonathan Swanson, Gigster co-founder Roger Dickey, and NOW Ventures founder Shiza Shahid.